How to unload a timeshare
Is there a legitimate way to sell a timeshare? Read in June issue of
Money Magazine about a guy in Ohio who sold his at a loss and wanted to
claim a capital loss. I'd like to just get rid of mine, regardless of a
loss. --Mike, Fort Myers, Fla.
Timeshares give owners joint ownership in vacation properties, often in
tropical hotspots like Hawaii or Florida. But on top of purchase costs,
the properties typically come with annual maintenance fees and other
costs that can add up to thousands of dollars a year.
Whether the resort wasn't the vacation paradise they intended or they
simply couldn't afford it anymore, many timeshare owners have struggled
to unload properties they purchased during better financial times.
This has created fertile ground for scam artists, who charge thousands
in upfront fees to help sell timeshare properties, but rarely facilitate
actual sales, the Federal Trade Commission warns.
But you can unload a timeshare without getting stuck in a scam. Just be
prepared to lose money on the sale, since resale prices are usually much
lower.
Lloyd Segal
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